Photo by: Reuters
South Africa’s Cabinet has endorsed the nomination of Leslie Maasdorp as VP of the Brazil, Russia, India, China and South Africa (Brics) New Development Bank (NDB) and has appointed former South African Reserve Bank governor Tito Mboweni as a nonexecutive director of the bank’s board.
The bank was expected to be operational by the end of the year.
The Ministry of Finance added in a statement on Friday that Parliament had ratified the Agreement on the NDB and the treaty for the establishment of a Brics Contingent Reserve Arrangement.
The process to establish the African Regional Centre was under way and, upon start of business, would “immediately” be open to consider projects on the continent.
The inaugural meeting of the bank’s board of governors would
take place on July 7, where the management of the NDB would be formally appointed.